Dear Andrew,
Good day! Thank you for posting to Microsoft Community. We are happy to help you.
As per your description, it seems that you are having issue with standard header navigation in SharePoint, dropdown menu can be viewed but can't be selected and many users from different tenants can reproduce the issue in different browsers.
If the understanding above is right, considering that different users and different tenants can reproduce a similar situation in different browsers, we're afraid issue could be related to the background service which need to be checked from the backend. As forum support, we may not have enough permission and resource to directly check the backend environment, more resources need to be involved in to help you further.
In this situation, we sincerely recommend you contact your Microsoft 365 administrator, follow steps in this article to create a support ticket with Online Support. The support team over there has higher permission than us, they can remotely help check the situation on your side, involve more resource to collect logs and help you do troubleshoot. This would be a more efficient way in handling this case for you.
For reference: How do I find my Microsoft 365 admin?
Sorry for the inconvenience again. Your patience and understanding are highly appreciated.
Hope you stay safe and healthy.
Sincerely,
Rhoda | Microsoft Community Moderator